PAC
Q1 2025 report
Revenue
1.49 m PLN
— YoY
Net income
-1.21 m PLN
— YoY
EBITDA
-0.61 m PLN
— YoY
Gross margin
-50.8%
— YoY
Summary
Investment thesis
- Zarząd raportuje 'znaczące ograniczenie kosztów' i EBITDA +14 tys. zł — w sprzeczności z RZiS, gdzie koszty operacyjne wzrosły o 89,6% YoY i EBIT to −1,2 mln zł.
- Płynność krytyczna: gotówka 15,7 tys. zł, OCF −0,83 mln zł, jednoczesne udzielenie pożyczki 0,40 mln zł podmiotowi powiązanemu, nowe pożyczki +0,49 mln zł.
- Discrepancy 6,32 mln zł między kapitałem własnym w Q1 2025 a audytowanym KW FY 2024 — raport kwartalny operuje na nieaudytowanych preliminary numbers (publikacja 15.05.2025, audyt FY 2024 zatwierdzony 02.06.2025).
- Pozytywny zdarzeniem po dniu bilansowym: kontrakt BFG z 08.04.2025 (konsorcjum z Euvic, 17,48 mln zł na 4 lata, 98% udział Proacta) — potencjalnie transformative dla przychodów.
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Financials
BETA
PAC · Q1 2025
| Metric | Q1 2025 | Q1 2024 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 1.49 | — | — | reported | — | 1.00 |
| Gross profit | -0.81 | — | — | derived | — | 0.90 |
| EBITDA | -0.61 | — | — | reported | — | 0.60 |
| EBIT | -1.2 | — | — | reported | — | 1.00 |
| EBT | -1.21 | — | — | reported | — | 1.00 |
| Net income | -1.21 | — | — | reported | — | 1.00 |
| D&A | 0.59 | — | — | reported | — | 0.90 |
| Interest expense | 0.01 | — | — | reported | — | 1.00 |
| Gross margin | -50.8% | — | — | derived | — | 0.90 |
| EBIT margin | -74.9% | — | — | derived | — | 1.00 |
| Net margin | -75.5% | — | — | derived | — | 1.00 |
| Cash | 0.02 | — | — | reported | — | 1.00 |
| Total debt | 1.59 | — | — | reported | — | 1.00 |
| Net debt | 1.57 | — | — | derived | — | 1.00 |
| Equity | 51.38 | — | — | reported | — | 0.70 |
| Total assets | 55.96 | — | — | reported | — | 1.00 |
| Current liabilities | 3.45 | — | — | reported | — | 1.00 |
| Goodwill | 42.57 | — | — | reported | — | 1.00 |
| CFO | -0.83 | — | — | reported | — | 1.00 |
| CapEx | 0.4 | — | — | reported | — | 0.60 |
| FCF | -1.23 | — | — | reported | — | 0.70 |
| Current ratio | 2.51x | — | — | derived | — | 0.70 |
| Cash ratio | 0.01x | — | — | derived | — | 1.00 |
| Debt / equity | 0.03x | — | — | derived | — | 1.00 |
| Revenue growth (YoY) | 101% | — | — | derived | — | 1.00 |
| EBIT growth (YoY) | -113.7% | — | — | derived | — | 1.00 |
| Net income growth (YoY) | -110.4% | — | — | derived | — | 1.00 |
| Gross margin Δ (YoY) | -36.6 pp | — | — | derived | — | 0.90 |
Q1 2025 · Δ YoY
Revenue
1.49
—
1.49
—
- Q1 2024
- —
Gross profit
-0.81
—
-0.81
—
- Q1 2024
- —
EBITDA
-0.61
—
-0.61
—
- Q1 2024
- —
EBIT
-1.2
—
-1.2
—
- Q1 2024
- —
EBT
-1.21
—
-1.21
—
- Q1 2024
- —
Net income
-1.21
—
-1.21
—
- Q1 2024
- —
D&A
0.59
—
0.59
—
- Q1 2024
- —
Interest expense
0.01
—
0.01
—
- Q1 2024
- —
Gross margin
-50.8%
—
-50.8%
—
- Q1 2024
- —
EBIT margin
-74.9%
—
-74.9%
—
- Q1 2024
- —
Net margin
-75.5%
—
-75.5%
—
- Q1 2024
- —
Cash
0.02
—
0.02
—
- Q1 2024
- —
Total debt
1.59
—
1.59
—
- Q1 2024
- —
Net debt
1.57
—
1.57
—
- Q1 2024
- —
Equity
51.38
—
51.38
—
- Q1 2024
- —
Total assets
55.96
—
55.96
—
- Q1 2024
- —
Current liabilities
3.45
—
3.45
—
- Q1 2024
- —
Goodwill
42.57
—
42.57
—
- Q1 2024
- —
CFO
-0.83
—
-0.83
—
- Q1 2024
- —
CapEx
0.4
—
0.4
—
- Q1 2024
- —
FCF
-1.23
—
-1.23
—
- Q1 2024
- —
Current ratio
2.51x
—
2.51x
—
- Q1 2024
- —
Cash ratio
0.01x
—
0.01x
—
- Q1 2024
- —
Debt / equity
0.03x
—
0.03x
—
- Q1 2024
- —
Revenue growth (YoY)
101%
—
101%
—
- Q1 2024
- —
EBIT growth (YoY)
-113.7%
—
-113.7%
—
- Q1 2024
- —
Net income growth (YoY)
-110.4%
—
-110.4%
—
- Q1 2024
- —
Gross margin Δ (YoY)
-36.6 pp
—
-36.6 pp
—
- Q1 2024
- —